Carme sells stake in Canada's Alliance Grain Traders for $28M
Alliance Grain Traders Inc (AGT) has concluded the sale of 1.87 million shares by the Carme Trust, as announced on Thursday. The transaction is valued at $28 million, according to Leader Post.
Based on the company's press release, AGT will not receive any proceeds from the stake sale, the report explained.
The transaction was closed on a bought deal basis by an underwriting group led by GMP Securities. The syndicate also included Canaccord Genuity Corp, Comark Securities Inc, CIBC World Markets Inc, AltaCorp Capital Inc, Scotia Capital Inc, Raymond James Ltd, and National Bank Financial Inc, the report detailed.
After the offering, Carme's holding in the agricultural firm has been cut from 26% to 17% of the AGT common shares, the report stated.
AGT produces a wide range of specialty crops and pulses. Its products include lentils, chickpeas, peas, beans, and canary seed. The company also produces food ingredients such as proteins, pulse flours, fibres, starches, and proteins. In addition, the firm produces staple foods such as rice, Arbella Pasta, and milled wheat products through its the Arbel Group, its subsidiaries in Turkey, Leader Post reported.